James Freeman’s WSJ article has a wonderful tongue-in-cheek quality to it.

Freeman’s article starts by saying “What would we do without experts? As U.S. workers continue to enjoy a vibrant job market, they should spare a thought for laborers in one category of professional services who remain mired in a multi-year slump. Established manufacturers of Keynesian economic forecasts have entered a prolonged period of secular stagnation. Some may even wonder if they can ever break out of a ‘new normal’ of declining prestige.”

Freeman’s article continues, saying “At the New York Times recently, economist Paul Krugman valiantly attempted to overcome his history of underrating American potential by making another call on tax policy and the macroeconomy. On April 8, Mr. Krugman wrote about one of President Trump’s signature policy achievements: ‘…his one major legislative success, the 2017 tax cut — which he predicted would be ‘rocket fuel’ for the economy, has turned out to be a big fizzle, economically and, especially, politically. It’s true that U.S. economic growth got a bump for two quarters last year, and Trumpists are still pretending to believe that we’ll have great growth for a decade. But at this point last year’s growth is looking like a brief and rapidly fading sugar high.”

On the old show Hee-Haw, one of their famous skits showed 4 men singing:

The famous line was “If it weren’t for bad luck, I’d have no luck at all.” I’d say that’s pretty fitting for the ‘slump’ that Mr. Krugman is in. He once was a world-renowned economist. These days, he’s just a partisan hack for the NYTimes. It isn’t limited to Krugman, though:

A former Clinton and Obama economic adviser, Mr. Summers wrote in May of 2017 in the Washington Post:
Details of President Trump’s first budget have now been released. Much can and will be said about the dire social consequences of what is in it and the ludicrously optimistic economic assumptions it embodies. My observation is that there appears to be a logical error of the kind that would justify failing a student in an introductory economics course.

Apparently, the budget forecasts that U.S. economic growth will rise to 3.0 percent because of the administration’s policies, largely its tax cuts and perhaps also its regulatory policies. Fair enough if you believe in tooth fairies and ludicrous supply-side economics.

These days, Summers and Krugman are nothing more than elitist economic snobs sneering down their noses at the notion that supply-side economics is the stuff that only tooth fairies peddled. Forgive me if I ignore their snobbishness.

Finally, there’s this:

Harriet Torry reports in the Journal on the optimism among corporate executives, including JPMorgan Chase & Co. Chief Executive Jamie Dimon:

“People are going back to the workforce. Companies have plenty of capital,” he said, adding that “business confidence and consumer confidence are both rather high…it could go on for years. There’s no law that says it has to stop,” he said.

At some point, it will stop. It’s just that there’s no guarantee it’ll be anytime soon.

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